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The store, to be located in the building that's currently home to T.J. Maxx and Bed, Bath & Beyond, near North Clark Street and West Diversey Parkway, will be a "Neighborhood Market" and is just one of several cites in which the company plans to invest.

The Bentonville, Ark.-based company said it plans to open small stores in urban areas, believing that people will prefer to shop in their immediate vicinity, rather than spending the time and money commuting to stores farther away.

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"I think this store will compete most directly with Aldi, with Trader Joes and basically with Walgreens and CVS and drug stores," said Crain's reporter Eddie Baeb in a video discussion posted online.